How to Protect Luxury Gifts – Valentine’s Day Jewelry Insurance

Ensure luxury gifts and jewelry insurance are part of your policy. Keep what you have and what you give safe!

Ah, Valentine’s Day is near, and love is in the air. Well, love and a few other things are. Love comes as chocolates, romantic dinners, candy hearts that say “Be Mine” – and, of course, jewelry.

Romance is in the Air

Receiving jewelry from a loved one is exciting. Giving loved ones sparkly signs of love is heartwarming. Is jewelry part of this Valentine’s Day? Take a few minutes and review protecting this romantic moment. What do you have in place insuring jewelry safe-keeping? What is in place when jewelry gets lost or stolen?

Take safe-keeping steps yourself. But what about luxury gifts and jewelry insurance? Where do you go? Do not worry. Omega Insurance helps our customers protect what is most important to them. We are ready to help and can answer all your questions.

Things to consider when insuring jewelry:

1. Consider purchasing more coverage. A homeowners policy covers valuable items such as jewelry only up to set amounts. The replacement cost of your jewelry may exceed that limit. In that case, consider purchasing scheduled personal property coverage. You can check your policy or give us a call at 405-769-6701.
2. You might want to reconsider your deductible amounts. As always, this impacts your policy premium. Take a look at your deductibles whenever you change your policy.
3. Do you need an appraisal? Insurance companies often require an independent appraisal when jewelry values are unknown. Make sure and list on paper each item with its description and value. Keep a copy of the list in a secure place like a safe or a safe-deposit box.
4. What kind of coverage is offered? You will want to determine if items are covered.
   1. Check to see if your policy offers full replacement cost whether at home, instate, in the USA, or abroad.
   2. Check to see if your policy offers full replacement cost.
   3. Ask if you have to replace your jewelry if lost or stolen, or if you can keep the cash settlement.
5. Pictures can be helpful. Take many pictures of each item. Make sure you capture all angels. Lost or stolen pieces of jewelry sometimes can be recreated. Provide a jeweler with a good photograph to work from.
6. Should I go with a company that specializes in jewelry insurance? Yes and no. Compare plans to see what best fits your needs. Either way, if it is another provide or one we represent, make sure they are reputable and stable.
7. Is the greatest value of your jewelry sentimental? Is an item irreplaceable? If the answer to either of these questions is “Yes”, you might consider skipping the insurance. But please, talk to us at 405-769-6701 before making that decision. That is what we are here for.
8. Store your jewelry in a safe way when it is not in use; a safe in your home or a safe-deposit box is best.

Keeping It Safe

Memories and antiques are irreplaceable. We prefer your sentimental and valuable pieces stay with you and your family for years to come. Insurance can help with replacing lost or stolen jewelry.

Here is hoping your Valentine’s Day is full of fun and romance. Remember if there is no jewelry involved, well, there is always next year!

Contact Us!

Still, have questions or need help? Please contact Omega Insurance at 405-769-6701 or kaileam@omegainsurance.com.

Content provided by Safeco Insurance                                                                 AP-4003E 09/12